Mumbai, August 29: India’s luxury pre-owned market is set to grow at a rapid pace, said Almona Bhatia, Chief Business Development Officer, Tata CLiQ & Tata CLiQ Luxury, which had earlier this year launched this category across key brands of watches and handbags.
Luxury pre-owned market in India is worth USD 618 million in 2023 and expected to grow at the rate of 10% to USD 1556 million by 2032, said Bhatia speaking at the inaugural session of Day 2 of India D2C Summit held here.
In its pre-owned category in the luxury segment, Tata CLiQ has launched Rolex, Omega, Breitling, in the watches category and Gucci, Louis Vuitton and Fendi in the handbags category.
“Key categories include art, antique furniture, sneaker, fashion, jewelry and accessories like bags and watches,” she said adding that sustainability and circular fashion is a huge peg for most companies in these categories.
Pre-owned is a softer way of saying second-hand, but it also connotes that it has retained more of its value while conserving ecology and environment.
With household income of over INR 50 lakhs and INR 20-50 lakhs, Elite plus segment and Elite groups respectively in India have a healthy footprint across metro, tier 1 and tier 2/3 cities with top 20 cities accounting for around 60% of households, Bhatia said.
Of the addressable market of 10 million and 44 million users for Elite plus and Elite for Tata CLiQ Luxury, the primary market target is around 1 million households, she said.
“Currently we have penetrated 1.3% of this market, the goal is to scale sustainably & profitably,” she said.
With the number of affluent consumers in India set to rise from approximately 60 million in 2023 to 100 million by 2027, and one in three online shoppers coming from Gen Z category, India’s e-commerce business is set to grow thick and fast, according to industry experts at the conference
